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The cryptocurrency landscape has witnessed a significant change from bearish to bullish in recent weeks. Notably, this transformation has been caused by a surge in network activity, attracting a wave of new investors, institutional participants, and crypto whales following the anticipation approval of the spot Bitcoin ETF.
According to the recent data by Glassnode, an on-chain analytic firm on November 28, 2023, Ethereum (ETH), the leading smart contract platform, has experienced a significant deflationary trend in its supply, primarily due to a spike in transaction demand. Token transfers and stablecoins take the lead 
Over the past four months, Non-Fungible Token (NFT) transactions have decreased by 3%, and Decentralized Finance (DeFi) transactions have seen a substantial dip of 57%. In contrast, token transfers and stablecoin transactions have surged, recording an 8.2% and 19% increase, respectively. The data indicates that the recent uptick in network activities is primarily attributed to token transfers and stablecoins. Source: Glassnode 
Interestingly, despite being historical drivers of Ethereum network adoption, both NFT and DeFi transactions have contributed relatively little over the past four months. This decline in adoption suggests a shift in market dynamics, with token transfers and stablecoins taking the lead amid growing confidence in market strength.
Currently, ETH is trading near $2,065, experiencing a 2.3% upside price momentum in the last 24 hours, according to coinmarketcap. In the past 7 days, despite several challenges in the realm of cryptocurrency, it has recorded a more than 5% upside movement. London hard fork Impact: Ethereum’s transition to deflation 
Since the implementation of the London hard fork, Ethereum has experienced a great transition from a net inflationary state to one of stability and outright deflation. The network experienced a brief period of net inflation between August and October, attributed to lower network activity. However, in recent weeks, a combination of declining issuance rates and increased supply burn has once again shifted the aggregate ETH supply towards a net deflationary stance.
© Todayq News

ETH faces deflation as NFT and DeFi activity decline: Report

Todayq News

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